Former investment banker Amelia Fawcett has been appointed chair of Guardian Media Group (GMG), publisher of the Guardian, Observer and guardian.co.uk. She succeeds Lord Myners who resigned last October to become the government's City minister.

Liz Forgan, chair of the Scott Trust, which owns GMG, said: "Amelia is a true polymath whose experience encompasses business, finance, law, the arts and charitable organisations. She will be a superb chair of GMG." A former vice-chairman of Morgan Stanley's European operations, Fawcett holds British and US citizenship.

She is chair of the specialist investment firm Pensions First which she helped set up in November 2007 shortly after leaving Morgan Stanley. A member of the court of the Bank of England and a non-executive director of US investment firm State Street, Fawcett received a CBE in 2002 for her contributions to financial services.

Beyond her City interests, Fawcett is deputy chair of the National Portrait Gallery and chair of the London International Festival of Theatre. She has also served as an independent member of the board of GMG since June 2007.